All Forum Posts by: Michael Metzger

@LaCroix Rockwell It really depends on your situation and what would be best for your personal finances. I would first ask your accountant what will benefit you most. However, you could add this to your repairs and maintenance. You might also be able to depreciate the appliances over a period over 5 years- best if you are expecting income to rise over coming years. Or with the Secure Act, you can now do 100% bonus depreciation and take the entire depreciation deduction this year- best if you have unusually high income for 2020.

Hope this helps!

@Adan Cordova Massive Agent Podcast by Dustin Brohm is great. Also, not sure if you are on Clubhouse, but there are some fantastic real estate talk rooms in there with incredible speakers and really great information. 

@Cody Smith Thank you for sharing. It’s hard to know the financial advisor’s motivation for this statement without understanding the entire conversation. Unfortunately, there is a subset of very arrogant financial advisor’s out there, especially in the older generation (X) typically. Our industry has changed dramatically over the years and some have refused to make that change. But again, I don’t know the entire conversation. I’m sorry if that experience put a bad light around the industry.

Having said that, it seems like at this point a large umbrella policy for about $500-$600/year would suffice. You can always go down the LLC path at a later point. If you plan to begin acquiring more properties sooner than later, then that is when you should start finding a good attorney to draft those LLCs.

I’m looking to do a bit of research for helping real estate agents. This information will help change the way the industry looks to help specific professions that require a different set of knowledge and planning.

* What would you find most helpful from financial advice?

A) Proactive year-round tax planning & strategies

B) Maximizing retirement plans and investments

C) Financially planning to intentionally free up your time and do more of what you enjoy

D) Real estate investment Analysis & Strategies

E) Business Planning & Practice Management to help you drive revenues/reduce expenses

@Bruce Lynn Yikes. It’s a bit different here in CA. Still more work required, but not quite as much. That juice may not be worth the squeeze

@Bucky Burgess  You can go the extra step of adding on your broker’s license. One extra test I believe. Then if you wanted to down the road, you could add additional RE investors underneath you

@Jason Barber You are incredibly mature and smart for your age, and you are definitely on track to becoming a successful professional in the future. As you get income, a basic rule that will help you out is to put 50% of income towards your bills, 30% of income towards things you enjoy (restaurants, gym membership, baseball tickets, etc.) and then 20% of your income to savings and/or debt. As your savings starts to grow into excess then you can you use that money to buy rental properties, a car, and other luxuries. The car you mentioned can actually help you reduce your taxes, but a conversation for the future if you decide to be a real estate investor.

@Bruce Lynn That makes sense about the control factor. I have not read that book, but if you recommend it, I’ll give it a read

@Bruce Lynn I appreciate the response. I have those types of capabilities in my industry to be completely virtual, but I hear push back typically from Realtors. I often hear it’s not possible because of being tied to clients, properties and paperwork. Do you think more Realtors are not adopting more of a virtual process due to revenue constraints? You have a great system set up, but I imagine there is a significant cost to have those people in place?

@Geoff Shaw There are many benefits to real estate, often over-looked in our industry.